Question

Sale of quit claim property that was an inheritance

Forum|Forum|4 years ago
December 29, 2021
1 reply
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In 2013 my father and mother quit claimed deed a property that my dad and I had used together for years just before he passed as my inheritance so there was no issues with other siblings. I sold that property this year and am trying to figure out how to do it on my taxes.

TurboTax Home & Biz Windows

A

Anonymous_

Employee

You need to provide more details and should consult with local legal and tax counsel.

Regardless, one factor that would be relevant is how you and your father held title to the property (e.g., as joint tenants with rights of survivorship, tenants in common, et al).

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RogerMRAuthor

the title was in my parents name until it was switched to me. it was used for my livestock until I bought another place and therefore no longer needed it.

R

RogerMRAuthor

I had done a lot of upgrades and work to it before and after it was in my name. Property was worth between 35-40k and was sold for 65k 8 years after I got it